Connecticut Water Service Inc. posted a 12.5 percent hike in fourth-quarter net income as the Clinton utility corked a year of flourishing water sales.
Connecticut Water said in the three months ended Dec. 31 it earned $1.8 million, or 20 cents a share, up from $1 million, or 12 cents a share, earned the same period in 2009.
Three-month revenues rose 11.6 percent to $17.4 million from $15.6 million a year earlier.
For the year, net income fell 4 percent to $9.8 million, or $1.13 a share, from $10.2 million, or $1.19 a share, earned the same period in 2009 when land and lease sales contributed to earnings.
Revenues rose 8 percent to $72.8 million from $67.5 million, mostly from higher water sales in response to last year’s hotter, drier weather.
Chairman, President and CEO Eric W. Thornburg says the utility expects to see higher profits in 2011 from its water activites segment, along with modest growth in its services and rentals segment.
Connecticut Water supplies drinking water to about 300,000 people in 55 towns.
